MANILA, May 13 (PNA) — Masinloc Power Partners Co. Ltd. (MPPCL) has signed a power supply deal with eight electric cooperatives in North Luzon, with a contract rate of Php 4 per kilowatthour (kWh).
“MPPCL has been declared the lowest bidder in the joint competitive selection process to supply the baseload power requirements of eight (8) electric cooperatives from the Region 1 Electric Cooperatives Association and the Cordillera Administrative Region Electric Cooperative Association (collectively, the R1+CAR), helping ensure a steady supply of energy to provinces and local communities,” Masinloc said in a statement Wednesday.
AES Philippines, the primary owner and operator of MPPCL at 54 percent, said the Php 4 rate is the lowest offer price for the new power plants in the country.
It will be sourced from Masinloc’s 106 Megawatt (MW) expansion after an aggregated bidding process, which was conducted from November 2014 until April 2015.
Masinloc bagged the supply deal from five other competitors, with the power supply agreements expected to be signed on June 2015.
It will supply the electric cooperatives in the provinces of Abra, Benguet, Ifugao, Kalinga-Apayao, Mt. Province, in the Cordillera region and the provinces of Ilocos Norte, Ilocos Sur, La Union, and Pangasinan in the Ilocos region.
AES said all of its supply contracts have a range of 3 to 15 years.
Thai firm Electricity Generating Public Company Limited (EGCO Group) bought 41 percent of AES Corp’s stake in Masinloc at USD 453 million in 2014.
The International Finance Corporation (IFC) also owns the company at 8 percent.(PNA)